The Securities and Exchange Commission (“SEC”) recently charged Rafferty Capital Markets (“Rafferty”) with illegally facilitating trades for an unregistered broker-dealer. A May 15, 2014 SEC press release details how Rafferty settled an SEC-charged penalty of $850,000 for perpetrating “illegally arranged…
The Department of Labor (“DOL”) released a fact sheet in March 2014 detailing a proposed amendment to Section 408(b)(2) of the Employee Retirement Income Security Act of 1974 (“ERISA”) that would, if passed and enacted, require a guide for plan…
Jacko Law Group, P.C. (“JLG”) wrote a Legal Tip titled Broker-dealer Registration in April, 2014.… Read More
On November 22, 2013, the Commissioner of Business Oversight (“Commissioner”) and the California Department of Business Oversight (“DBO”) issued an order affecting all broker dealers and investment advisers (and any other businesses engaged in financial transactions) which are licensed to…
The Financial Industry Regulatory Authority (FINRA) is considering new rules that would require additional reporting requirements for dark pool trades made by broker-dealers. This announcement was made recently by Richard G. Ketchum, chief executive officer of FINRA, largely in response…
Recently, the Securities and Exchange Commission (“SEC”), in tandem with the Commodity Futures Trading Commission (CFTC), jointly adopted Final Rules requiring certain entities to implement programs to detect red flags and prevent identity theft. These rules were developed in response…
The Legal Tip for Jacko Law Group titled Is Broker-dealer Registration On The Horizon For Private Fund Managers? was written in April, 2013.… Read More
Recently, the Financial Industry Regulatory Authority (“FINRA”) launched a new pilot program offering parties in small claims cases free or low-cost telephone mediation. This program is voluntary and open to all cases involving claims of $50,000 or less. According to FINRA,…
Michelle L. Jacko wrote a Legal Tip for Jacko Law Group titled How Compliance Failures Can Lead To Enforcement in September, 2012.… Read More
Many opine the financial crisis was hastened by the financial industry’s use of byzantine and risky securities. FINRA recently released more specific guidance concerning supervision by broker dealers over the sale of complex products: Regulatory Notice 12-03, Complex Products: Heightened…